Data from the NGX trading session reveal about 961.5 million shares of UBA were traded on Thursday, July 20th.
This was an abnormally high trade for a banking stock catching the interest of Nairametrics analysts.
UBA has 34.1 billion shares outstanding, with Hiers Holding the only majority shareholder with over 5% ownership. 961.5 million shares represent 2.8% of the total outstanding shares of the bank.
Sources reveal the trade was between United Capital Plc and APEL Securities(the likely seller) in a transaction valued at about N12 billion at a price of N13.85 per share.
Reliable sources also indicate the seller was likely AMCON via APEL Security.
There is no update yet on the NGX explaining if this was insider-based trading.
However, sources suggest the trades could be related to Tony Elumelu (Nairametrics is yet to confirm).
This is a developing story….
Chai!!